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Tomasino's inventory records show the following data at January​ 31: Beginning inventory Jan. 1 110 units...

Tomasino's inventory records show the following data at January​ 31:

Beginning inventory Jan. 1

110

units at

$7

per unit

Jan. 10 purchase

330

units at

$11

per unit

Jan. 22 purchase

120

units at

$12

per unit

At January​ 31,

240240

units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO​ method?

business   accounting   
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Answer #1

Answer :- Calculation of cost of the Ending Inventory:-

The FIFO method is the first in first out Inventory policy in which the Inventory first purchased is issued first.

Ending Inventory Cost = ( 120 * $12 + 120 * $11)

Ending Inventory Cost= $2,760

So the cost of ending Inventory is $2,760

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